Intelligence Squared Why Can’t We Stop Money Laundering? With Oliver Bullough
Feb 1, 2026
Oliver Bullough, investigative journalist and bestselling author of Moneyland, delves into why cash still rules for criminals. He explores the rise of offshore havens, bloated compliance regimes, high‑denomination notes, and how crypto and stablecoins are changing the game. Short, sharp takes on who benefits and why current efforts keep failing.
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Banks Made Responsible For Policing Money
- Wright Patman's 1970 Bank Secrecy Act reframed banks as responsible for policing funds that flow through them.
- That conceptual shift created the modern anti-money laundering framework still used worldwide.
Carloads Of Cash And Bought Lottery Tickets
- Money launderers used crude, bold tactics like bringing carloads of cash to banks and even selling lottery tickets above face value.
- These schemes forced authorities to invent new controls and sent launderers offshore to places like the Cayman Islands and Panama.
Suspicion-Based Reporting Fueled Paperwork Over Impact
- The Financial Action Task Force adopted a UK-style "suspicion" standard that asks bankers to report suspicious transactions rather than fixed thresholds.
- That design deputizes banks as policemen and produces huge paperwork without stopping major laundering.
